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Blue Star Reports Second Round of Drill Hole Results from Hood River Concessions in Nunavut

28.10.2019  |  Newsfile

Highlights:

  • Drilling continues to track gold mineralization down dip from high-grade surface samples with additional intersections of;
    • 8.70 grams/tonne gold ("g/t Au") over 2.0m,
    • 10.95 g/t Au over 1.0m,
    • followed by 13.25 g/t Au over 1.0m, and
    • 5.86 g/t Au over 1.0m
  • Target mineralization intersected in all holes

Vancouver, October 28, 2019 - Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP) ("Blue Star" or the "Company") is pleased to report the second set of analytical and assay results for its 2019 drill program on the Company's Hood River concessions in western Nunavut. The exploration work focused on the North Fold Nose (the "NFN") gold zone and consisted of eleven completed holes for approximately 1,540 meters ("m") of core. A prospecting and sampling program ran in parallel with the drilling resulted in 698 samples being sent for analyses of which the Company has received results for approximately ¾ of the samples submitted.

Stephen Wilkinson, the Company's CEO and President commented, "Our 2019 diamond drilling of the Hood River concessions' NFN gold zone is meeting our best expectations by confirming continuation of the surface gold showings both along strike and to depth. We believe that the NFN could develop into a noteworthy gold and silver resource and reward our stakeholders by delivering valuable mining asset."

The second report on the 2019 Diamond Drill Program comprises the results of three holes. Drill holes HR-19-006 and HR-19-007 were collared from the same setup and were drilled to test the depth extension of the mineralized zone identified in HR-19-004 and -005 (6.93 g/t Au over 3m and 5.32 g/t over 2m, respectively) reported in the Company's October 9, 2019 news release. Significant gold assays were returned with HR-19-006 averaging 8.47 g/t Au over 2m from 152m to 154m (includes 1m of 12.70 g/t Au) and HR-19-007 returning 6.84 g/t Au over 4m from 139m to 143m (includes 10.95 g/t Au over 1m and 13.25 g/t Au over 1m). Drill hole HR-19-008 was collared east and north of holes -006 and -007 and was drilled to test the strike and depth extension of the NFN gold zone. The hole successfully intersected the target zone and preliminary results were received from this hole returned 2.96 g/t from 86m to 91m (includes 5.86g/t over 1 metre).

Significant gold intersections have now been reported encountered in all of the seven (7) reported drill holes HR-19-002 to HR-19-008. As previously announced on October 9th 2019, HR-19-002 intersected an average 15.37 g/t Au over 5.0m (including 1.0m of 25.40 g/t Au and 1.0m of 48.70 g/t Au), while HR-19-003 intersected 31.1 g/t Au over 1.0m. HR-19-004 returned an average of 6.93 g/t Au over 3.0 metres. Additionally, Blue Star's drill results are in line with historical results in which BHP drilled hole, 91VD-111, intersected 9.16 g/t Au over 6.88m, including 54.94 g/t Au over 0.95m and 0.25m grading 18.2 g/t Au (estimated true width 85% of intercept) at a vertical depth of 95m below surface. BHP's drill hole was collared approximately 50m south west of the Company's hole; -008.

Blue Star's President, Stephen Wilkinson, further commented, "Observations made during the logging of the core by Blue Star's geologists are suggesting a strong relationship between certain structural controls seen at the contacts between metamorphosed volcanic and sedimentary rocks. Confirmation of and tracking these controls for the high-grade gold mineralization could be a major tool for building of a significant gold discovery."

All assaying was conducted by ALS Global, an independent analytical laboratory. The latest drill intersections are displayed in Table One below.

Table One:

Summary of the results of the gold assays and the silver analyses for the mineralized sections of the NFN gold zone for drill holes HR - 19 - 006 to HR - 19 - 008. Note additional assays are pending for samples taken in the footwall and the hanging wall of the reported zones. See Figure One for the locations of the reported drill holes within the NFN gold zone area.

DDH No. From To Core Length* Au Ag
(m) (m) (m) g/t ppm
HR-19-006 152.0 154.0 2.0 8.47 2.30
Including 153.0 154.0 1.0 12.70 3.21
HR-19-007 ** 139.0 143.0 4.0 6.84 1.77
Including 140.0 141.0 1.0 10.95 3.23
And 142.0 143.0 1.0 13.25 0.57
HR-19-008 ** 86.0 91.0 5.0 1.77 2.54
Including 90.0 91.0 1.0 5.86 1.09
* - Core length are intercept length & may be from 75% to 100% of the true width.
** - additional assays are pending for these zones and for secondary zones in these holes

Polymetallic mineralization of the NFN gold zone is commonly located along a zone structural shearing, which commonly does not exceed 0.8m on the hanging wall in strongly silicified, flooded by quartz, partially brecciaed metamorphosed basaltic units. This shear zone is developed on the boundary of the two major lithologies: poorly foliated dark green meta-volcanic units at hanging wall versus well foliated, less competent, micaceous meta-sediments on the footwall. Pyrrhotite, pyrite, sphalerite, chalcopyrite, and less arsenopyrite occur ribbon-concentrated at quartz veining edges.

Blue Star will further report on the results of the drilling and surface sampling upon receipt of the assays and analyses in a timely manner. The Company believes that these results will be arriving over the course of the next two to three weeks and may be announced in one or more releases.

QA/QC Program for the 2019 Exploration Work

The Company in addition to the QA/QC protocols of ALS Global maintains its own program of inserting Standard Reference material in the form of standards and blanks into the sampling stream, prior to being shipped to ALS's preparation facility in Yellowknife.

Qualified Person

Warren Robb P.Geo. is a Qualified Person under National Instrument 43-101 ("NI 43-101"), and has reviewed and approved the geological information contained in this news release.

About Blue Star Gold Corp.

Blue Star is a Vancouver-based gold and silver exploration company focused on exploration and development within Nunavut, Canada. The Company through its subsidiary, Inukshuk Exploration Inc., owns the highly prospective 8,015 ha Hood River gold property located contiguous to the Ulu mining lease. Blue Star has recently exercised its option to acquire the Ulu, an advanced gold and silver project and awaits regulatory approvals for the transmittal of the lease and assignment of the permits and licenses. (Please see Blue Star's news dated - July 29, 2019)

Blue Star has 129.6 million shares outstanding and is listed on the TSX Venture Exchange with the symbol: BAU and on the Frankfurt Exchange with the symbol: 5WP. For information on the Company and its projects, please visit our website: www.bluestargold.ca.

For further information, please contact:

Stephen Wilkinson, President and CEO
Telephone: +1 778-379-1433
Email: info@bluestargold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding prospective income and revenues, anticipated levels of capital expenditures for fiscal year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, and estimates of mineral resources and reserves on our properties.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses/our success in integrating the Ulu Gold Property into our operations, developments and changes in laws and regulations, including increased regulation of the mining industry through legislative action and revised rules and standards applied by the regulatory bodies in Nunavut, changes in the price of fuel and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in labour costs and labour difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver goods and services to us, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our equipment, and inaccuracies in estimates of mineral resources and/or reserves on our mineral properties.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Figure 1:

Aerial photograph of the North Fold Nose gold zone area. The co-ordinates of the center of the photo are: Lat.66°56' 55.17''N; Long.110°59' 12.55''W. The arcuate shape of the fold is quite noticeable due to the shadow of the scarp that has developed on the metavolcanic and metasediments contact where the NFN gold zone occurs.


To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2421/49185_901c3235d4d54956_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49185


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